Cops call on PNP chief’s intervention in failed ‘bank’

Retired and active Manila policemen have called on Philippine National Police chief Director General Leandro Mendoza to take a direct hand regarding their contributions to the beleaguered Police Savings and Loan Association, Inc. (POSLAI) by ordering the PNP’s Finance Center to place its collections in a trust fund of the Bangko Sentral ng Pilipinas which has administrative control over non-banks and other financial institutions while POSLAI is being audited.

In a letter to Mendoza, the Manila’s Finest Retirees Association, Inc. (MFRAI) enumerated the alleged abuses committed by POSLAI president and chief executive officer retired Col. Vicente Palmon including the reported dissipation of the bank’s funds.

MFRAI chairman and president retired Col. Felicisimo Lazaro alleged that "POSLAI failed to meet and satisfy even small withdrawals of deposits and was unable to pay the interests on savings and time deposits despite repeated demands."

Lazaro said the MFRAI is taking up the cudgels for the beleaguered POSLAI depositors by filing a class suit against Palmon and other bank officials since they "see (a) very little chance for (the depositors) to recover the money illegally deducted from them by POSLAI."

The complaints aired by MFRAI against POSLAI are the unauthorized deductions, recurring erroneous deductions especially among PNP personnel assigned in the provinces, the failure of the PNP Finance and Computer Services to stop the deductions, and the free and unhampered deductions on new police recruits and trainees.

The group also lashed at the bank’s treasurer, SPO4 Radito Perez, for continuously issuing bouncing checks to depositors.

Active POSLAI members, who are mostly policemen, are deducted corresponding amounts from their salaries by the PNP’s Finance Center in Camp Crame. The deductions are then remitted to POSLAI as the policemen’s deposits. A great number of Manila police retirees have also invested their retirement pay in POSLAI as time deposits.

"We are always at the losing end. We are already hearing of the bank’s anomaly, yet we are still being deducted of our contributions to POSLAI. What is our guarantee that our hard-earned money would be returned to us?" complained the depositors.

One policeman even suggested that their contributions be channeled to other thrift and lending banks such as the Public Safety Mutual Benefit Fund, Inc., the AFPSLAI or the Air Materiel Savings and Loan Association.

Meanwhile, the Manila’s Finest Brotherhood Association, Inc., a group of active Manila policemen, said it is still awaiting formal complaints from their members before they act on the issue.

The STAR tried to get the side of Palmon on the issue but he was not at his office. Other bank officials refused to comment.

Besides Mendoza, the MFRAI also sent copies of their complaints to President Arroyo, Local Government Secretary Jose Lina and the media. – Nestor Etolle